Market is expected to make a higher opening and the immediate resistance can be seen at Rs12,800 levels. Likewise, the supports are at Rs12,650 and then Rs12,570 levels. Analysts are expecting gold to resume lower trend after a brief higher correction.
Gold prices remained range bound and traded sideways in Monday’s session, in the absence of any major economic trigger.
The only economic data from the US was the leading indicator for the month of September, which unexpectedly rose thereby giving a lift to the dollar, said a Kravy Comtrade report.
For the day, as the market awaits no economic data, prices are likely to remain sideways. However the report also said that the strengthening US dollar is likely to put pressure on the bullion market, hence indicating a bias on the lower side.
The dollar advanced for a fifth day against the euro after Federal Reserve Chairman Ben Bernanke endorsed additional fiscal stimulus to support the US economy. The dollar traded at 18-month high levels against the euro on this act of the chairman, it said.
The MCX December contract for gold prices were seen trading sideways while closing it formed a technical Doji pattern in the daily chart and closed at Rs12,682 levels.
Gold prices remained range bound and traded sideways in Monday’s session, in the absence of any major economic trigger.
The only economic data from the US was the leading indicator for the month of September, which unexpectedly rose thereby giving a lift to the dollar, said a Kravy Comtrade report.
For the day, as the market awaits no economic data, prices are likely to remain sideways. However the report also said that the strengthening US dollar is likely to put pressure on the bullion market, hence indicating a bias on the lower side.
The dollar advanced for a fifth day against the euro after Federal Reserve Chairman Ben Bernanke endorsed additional fiscal stimulus to support the US economy. The dollar traded at 18-month high levels against the euro on this act of the chairman, it said.
The MCX December contract for gold prices were seen trading sideways while closing it formed a technical Doji pattern in the daily chart and closed at Rs12,682 levels.
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